Exide reports lower top-line for Q4 FY20
Jun 05, 2020
Kolkata (West Bengal) [India], June 5 : Storage battery maker Exide Industries on Friday reported a net turnover of Rs 2,055 crore for the quarter ended March as compared to Rs 2,599 crore during the corresponding quarter of previous year.
The profit after tax was lower at Rs 168 crore in Q4 FY20 as against Rs 211 crore in Q4 FY19.
For the year ended March 31, the net turnover was Rs 9,857 crore as compared to Rs 10,588 crore in FY19 while the profit after tax of Rs 826 crore as compared to Rs 844 crore in FY19.
Managing Director and CEO G Chatterjee said the automotive sector is facing a lot of challenges due to regulatory changes, technology shifts and demand uncertainty due to which there is a distinct slowdown.
"On top of it, the year-end sales across all segments were severely impacted after the complete lockdown was imposed in the country as a result of Covid-19," he said in a statement.
The company is focussing on cost control and technology upgradation as strategies to improve the bottom-line, he added.
